US and Chinese negotiators reportedly made significant progress on trade deal sticking points, including intellectual property rights. | Source: REUTERS/Thomas Peter
Instead, index prices are hovering around their previous-day closes, suggesting that other factors are spooking traders heading into the week’s penultimate trading session.
Trump admonished OPEC to increase oil production to ease pressure on prices. | Source: Shutterstock
The president began his morning social media routine much like any other, tossing rhetorical daggers at the “Fake News Media” who are suffering a major “breakdown” and have “never been more corrupt than it is right now.” He later lobbed a targeted insult at MSNBC’s “Morning Joe,” gloating that its ratings had “tanked” since Attorney General William Barr indicated that the Mueller report had failed to establish that he or anyone associated with his 2016 presidential campaign had engaged in any criminal wrongdoing related to Russia’s interference in the election.
He then turned his attention back to Mexico, which he alleges is doing “NOTHING to stop the flow of illegal immigrants” into the US. “May close the Southern Border!,” Trump warned.
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That’s when things began to get more interesting. First, Trump revealed that the FBI and Department of Justice would review the “outrageous” Jussie Smollett case, which saw the “Empire” star walk away virtually scot-free despite allegedly faking a hate crime. “It is an embarrassment to our Nation!,” he complained.
Trump then laid into Rep. Adam Schiff (D-CA), accusing the House Intelligence chairman of “knowingly and unlawfully lying and leaking” about the Mueller investigation and ranting that he should be “forced to resign.”
At last check, Trump had begun to wade into the financial markets. Alleging that “World markets are fragile,” the president warned that it is “very important” that OPEC ramp up oil production to ease up pressure on prices.
Crude was down $0.48 or 0.81 percent as of the time of writing.
While Wall Street has by now become accustomed to Trump’s trigger-happy Twitter thumbs and early-morning tweetstorms, it’s understandable that traders would proceed with caution until the tweetclouds had past.
Crypto Market on Edge as Bitcoin Price Teeters at $4,000
The cryptocurrency market, meanwhile, continues to trade sideways inside a tight window while investors wait to see whether the bitcoin price has enough momentum to catalyze an upward push past resistance at $4,200.
The bitcoin price rally has stalled since the flagship cryptocurrency bounced back above $4,000. | Source: Yahoo Finance
Optimists allege that a strong push past this mark would initiate a new bull market, but bitcoin bears point to declining trading volumes as one of several factors that should make investors hesitant to buy into the rally.
For now, the bitcoin price is holding at $4,024, representing virtually no change over its previous-day level. Most other large-cap cryptocurrencies remain uncomfortably quiet as well, though EOS – which just recently broke above its 200-day moving average – added another 4.27 percent to its already-impressive rally to climb to $4.27.